"They said 78 percent of day traders lost money. That is almost eight out of ten people who lose money by day trading. If you told me you wanted to get into any business where eight out of ten people lost money by doing it, I would tell you not to do it. This is not a business that makes money."

isn't that most businesses??? so i guess this guy feels that no one should ever start their own business.

"Day trading is for the arrogant and the proud who think they can beat the market."

Interesting that another columnist writes about the dangers of day trading. A 78% failure rate is far better than the 90+% failure rate for new restaurants and yet it is rare that stat gets mentioned.

Holding a mutual fund for 20+ years does not "beat the market" as Dave Ramsey states:

"The only way you can beat the market is to get in it and stay in it for a long time. Buy a mutual fund and leave it alone for 20 years. Youâll make money every single time. "

You will almost surely UNDERPERFORM the market by owning mutual funds for a long time Most (the unmanaged exceptions excluded) undrperform their target index. Add to that the tax penalty associated with high turnover (in a non tax sheltered account) and you are almost sure to lose compared to the market average the fund targets.

Look at Fidelity Magellan:

5 year return of -2.2% vs. its target index that had a +0.2% return.

Sounds like this guy is a mouthpiece for the scandal ridden, underperforming fund industry.

In daytrading, if you had $10,000 or $100,000 in your account, and you made trades (like you can do in fx) for .10 cents each or $1.00 each, you will not go broke within 5 years. So agree William F. Eng and Dr. Elder.

So... to me, and I've not read the article yet, winning is more about the operator (you) on your side of the trade than it is about the market wiping out everyone who enters it.

Being a successful (fx) trader has to do with discipline, probability management, trade management, risk management, emotional and mental management, profit management, loss management as well as money management.

Trading success is mainly about having proper judgement, making correct determinations, right decisions, and maintaining balanced equipoise (as delineated by Dickson G Watts in Speculation As A Fine Art And Thoughts On Life).

If you do well and excel in the fields of discipline, management and trading success factors you WILL do well and succeed as a trader.

And, as you excel and prosper in the dynamics and capacities of trading well, the money will follow you, not the other way around.